EARLY WITHDRAWAL CHARGES
During the first 10 contract years, an early withdrawal charge starting at 10% is applied to surrenders and withdrawals that exceed the 10% penalty-free amount. All charges end after 10 years. Contract year 1234567891011+ Early withdrawal charge 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0%
The charge decreases by 1/12 th of 1% each month.
GUARANTEED MINIMUM SURRENDER VALUE
The amount payable to you if you surrender your contract will never be less than the Guaranteed Minimum Surrender Value (GMSV). The GMSV is based on 100% of your purchase payments, plus interest credited daily at a guaranteed minimum rate, minus the account value multiplied by the applicable early withdrawal charge rate. Ask your financial professional for the rate that will apply to your contract. This means, in certain situations when your contract earns no interest due to flat or declining index performance, the amount payable upon surrender may still be greater than the amount of money you contributed to your annuity. It’s important to remember the GMSV is reduced by prior withdrawals, including applicable early withdrawal charges. The GMSV will not be less than the minimum values required by the state in which your annuity is issued. Fixed period: You receive income benefit payments for a fixed period of time that you select. Life or life with a minimum fixed period: You receive income benefit payments for life. If you select a minimum fixed period of time and pass away before the end of the period, the remaining income benefit payments are paid to the person you designate. Joint and one-half survivor: Income benefit payments are guaranteed for your life and the life of a designated joint annuitant. If you are survived by the joint annuitant, he or she will receive 50% of the income benefit payment for life. Extended care waiver rider: After the first contract year, if you are confined to a nursing home or long-term care facility for at least 90 consecutive days, you have the option to withdraw up to 100% of the account value without incurring an early withdrawal charge. Terminal illness waiver rider: After the first contract year, if you are diagnosed by a physician as having a terminal illness, you have the option to withdraw up to 100% of the account value without incurring an early withdrawal charge. A terminal illness is defined as having a prognosis of survival of 12 months or less, or a longer period as required by state law. Extended care and terminal illness waiver riders are not available in Massachusetts. In California, the Extended Care Waiver Rider has been replaced with the Waiver of Early Withdrawal Charges for Facility Care or Home Care or Community-Based Services Rider, which provides for a waiver of early withdrawal charges under an expanded variety of circumstances.
INCOME PAYOUT OPTIONS
INCLUDED WAIVER RIDERS
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